Estonian payment institution authorisation — application preparation and management

Who it is for

Companies that will provide payment services — money remittance, payment accounts, acquiring, initiation — in Estonia and, by passport, in the EEA.

Price

All prices are in euros and exclude VAT. VAT is added where it applies under the Estonian Value Added Tax Act.

What the price includes

• Full application file for authorisation as a payment institution under MERAS (PSD2)
• Management of Finantsinspektsioon's questions until the decision
• Programme of operations and business plan
• Governance, internal control and AML/CFT documents
• Application file to the Financial Supervision Authority
• Answers to the authority's questions

Not included in the price

• State fees and the regulatory capital
• IT systems, audits and third-party costs

State and notary fees

State fees and the fees of the supervisory authority are not included in the price; you pay them yourself.

• State fee for the application review (State Fees Act)
• Annual supervision fee after authorisation

Requirements

The company must hold the initial capital required for its services, have fit and proper managers, a real presence and a safeguarding arrangement. Ordered and paid on this page; the amount is our fee for the standard scope, and work beyond it is done only with your written agreement. FIU licence FIU000117 is LexorCorp's own licence for its trust and company services; it does not authorise the client. The authorisation is granted or refused by the competent authority — no service provider can promise it.

Before we start

• Estonian company with management in Estonia
• Initial capital paid in
• Fit and proper board
• AML officer and compliance function appointed

Documents and information we need from you

• Articles of association and registry extract of the applicant
• Proof of registered office and place of management in Estonia (lease, premises)
• Organisational chart, staffing plan and job descriptions of key functions (compliance, risk management, internal audit, AML officer)
• For each management board and supervisory board member: CV, copy of passport, criminal record certificate(s) from every country of residence in the last 10 years, declaration on fitness and propriety (investigations, dismissals, insolvencies, sanctions), evidence of qualifications and experience, time commitment and conflicts of interest
• For each qualifying holder (10 % or more, direct or indirect): identity, ownership chart up to the ultimate beneficial owners, source of funds for the capital, financial statements (legal persons), fit-and-proper declaration and criminal record

Process

1. You: Provide information, capital and people that meet the legal requirements; sign and answer the authority's questions.
2. LexorCorp: Prepare the application and its documents and manage the procedure until the decision.
3. Authority: Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority) decides.

How long it takes

Drafting 6–10 weeks; FSA decision within 3 months of a complete application (often longer with questions)

Law and requirements

• Payment Institutions and E-money Institutions Act
• Payment Services Directive (EU) 2015/2366
• Money Laundering and Terrorist Financing Prevention Act

General information about our service, not legal advice.

Questions and answers

Related services and add-ons

• AML/CFT internal rules, risk assessment and procedures — from €3,200
• Safeguarding of customers' funds — policy and account documentation — from €2,400
• DORA ICT risk management framework — from €39,500
• Banking and payment partner introductions — from €3,900

Part of

• Licensed and regulated companies — from €3,500

Order: Estonian payment institution authorisation · from €16,000 See it in the price list